Purple Biotech Ltd (NASDAQ:PPBT – Get Free Report) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 790,900 shares, an increase of 188.6% from the June 15th total of 274,000 shares. Based on an average daily volume of 341,000 shares, the short-interest ratio is presently 2.3 days.
Institutional Investors Weigh In On Purple Biotech
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC boosted its stake in shares of Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock worth $137,000 after buying an additional 44,450 shares during the period. WuXi AppTec Co. Ltd. acquired a new stake in Purple Biotech during the 4th quarter worth approximately $151,000. Finally, Armistice Capital LLC purchased a new position in shares of Purple Biotech in the 4th quarter valued at approximately $1,468,000. Hedge funds and other institutional investors own 9.64% of the company’s stock.
Purple Biotech Price Performance
Shares of NASDAQ:PPBT traded up $0.02 during trading on Friday, hitting $0.40. 144,604 shares of the company were exchanged, compared to its average volume of 218,680. The firm’s 50 day moving average price is $0.55 and its 200-day moving average price is $0.64. The stock has a market capitalization of $10.08 million, a P/E ratio of -0.49 and a beta of 1.03. Purple Biotech has a 12-month low of $0.30 and a 12-month high of $1.80.
Wall Street Analyst Weigh In
Separately, HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Purple Biotech in a research note on Thursday.
Read Our Latest Stock Report on PPBT
Purple Biotech Company Profile
Purple Biotech Ltd., a clinical-stage company, focuses on developing therapies to overcome tumor immune evasion and drug resistance for cancer patients in the United States. Its oncology pipeline includes CM24, a humanized monoclonal antibody that blocks the interactions of carcinoembryonic antigen related cell adhesion molecule 1 as a combination therapy with anti-PD-1 checkpoint inhibitors, which is in Phase 2 clinical trial for the treatment of pancreatic ductal adenocarcinoma; NT219, a small molecule that targets and inhibits insulin receptor substrate 1 and 2, and signal transducer and activator of transcription, which is in Phase 1/2 clinical trials for the treatment recurrent and/or metastatic squamous cell carcinoma of the head and neck cancer or colorectal adenocarcinoma; and IM1240, a multi-valent antibody designed to activate anti-tumoral immune response against 5T4-positive tumors, which is in preclinical stage.
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